I'm just wondering is there a limit on how much you can get back from the TRS tax return? I'm looking to buy an expensive watch as a gift for my parents and i'll be taking it overseas as they live overseas. I will NOT be bringing it back into the country.
It's a 5 figure watch but hypothetically lets pretend it's a 100k watch. Is there an upper limit or would I Just get $10,000 (I think it's 9.19% or something? So not exactly 10k) back in my bank account? I would also assume they'll probably search my bags on my way back in.
No limits.
But they've been pretty strict in the last 2 years or so
3 months ago went overseas. We claimed 2 expensive watches (about 300k each, Pateks).
At trs claim, took ages. 2 seniors called around. Serial numbers verified. Called Sydney store to verify.
Told at trs counter do not bring back or must declare which they always say anyway but this time told to expect a bag check on return.
We gave the watches to family as we had intended them as wedding presents anyway and met them in Singapore.
Back 3 weeks later. Once we got off plane got met by ABF agent. Passports taken, escorted straight through customs to luggage pickup and then to secondary screening.
Everything opened and pat down.
30min interrogation about "where are those watches" etc. Told them we haven't brought them back.
Then an even longer questioning time about our personal history. Who paid for the watches, show us your bank statement, what do you do for work.
Pretty much what you see on the border control TV show. Presumably thinking we were mules claiming trs for others?
Eventually just showed our previous few years tax returns, a business card, bank balances and showed our 4 suites tickets explaining it cost more than the tax refund anyway.
Let go after about 2 hours.
Still worth the 50k we got back